ANNOUNCEMENT 30 Aug 2011
The Chilean Government passed a Decree implementing reductions on the import tariffs of raw sugar and refined sugar.
NUMBER OF INTERVENTIONS
Public Finance Ministry. Ministerio de Hacienda. Decreto Exento 699/2011. Aplica rebajas de derechos de aduana para la importación de azúcar cruda, azúcar refinada grados 1 y 2, y azúcar refinada grados 3 y 4, y subestándares. http://www.leychile.cl/Navegar?idNorma=1028973
On August 30, 2011, the Chilean Ministry of Public Finance passed the Exempt Decree 699 to establish applicable discounts on customs duties on sugar for a one-month period starting on September 1, 2011. The new law established different reductions on the ad valorem customs duties. The applicable discounts were USD 342.59 per tonne of raw sugar; USD 471.91 per tonne in refined sugars qualified as Grade 1 or 2; and USD 394.32 per tonne in refined sugars qualified as Grade 3, 4 and other substandard. Previously, there were not applicable discounts on these tariff lines.
The objective of this decree is to establish a relative margin for internal prices to fluctuate in comparison to the international market.